Dover Reports Fourth Quarter and Full Year 2024 Results

, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the fourth quarter and full year ended December 31, 2024. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted. Three Months Ended December 31, Years Ended December 31, ($ in millions, except per share data) 2024 2023 % Change* 2024 2023 % Change* U.S. GAAP Revenue $ 1,930 $ 1,905 1 % $ 7,746 $ 7,684 1 % Earnings from continuing operations 238 258 (8) % 1,400 944 48 % Diluted EPS from continuing operations 1.72 1.84 (7) % 10.09 6.71 50 % Non-GAAP Organic revenue change 0.3 % — % Adjusted earnings from continuing operations 1 305 306 — % 1,150 1,118 3 % Adjusted diluted EPS from continuing operations 2.20 2.18 1 % 8.29 7.95 4 % 1 Q4 and year-to-date 2024 and 2023 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses and restructuring and other costs. Year-to-date 2024 also excludes an after-tax gain on disposition of a minority owned equity method investment, and the after-tax gain and post-closing adjustments on the disposition of De-Sta-Co. * Change may be impacted by rounding. For the quarter ended December 31, 2024, Dover generated revenue of $1.9 billion, an increase of 1%. GAAP earnings from continuing operations of $238 million decreased 8%, and GAAP diluted EPS from continuing operations of $1.72 was down 7%. On an adjusted basis, earnings from continuing operations of $305 million remained flat and adjusted diluted EPS from continuing operations of $2.20 was up 1%. For the year ended December 31, 2024, Dover generated revenue of $7.7 billion, an increase of 1% compared to the prior year. GAAP earnings from continuing operations of $1.4 billion increased by 48%, and GAAP diluted EPS from continuing operations of $10.09 was up 50%. On an adjusted basis, earnings from continuing operations of $1.2 billion increased 3%, and adjusted diluted EPS from continuing operations of $8.29 was up 4% compared to the prior year. A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein. MANAGEMENT COMMENTARY: Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover's fourth quarter results were very encouraging as we move into 2025, with broad-based top line strength across the portfolio and particularly robust performances within the Clean Energy & Fueling and Pumps & Process Solutions segments. Order trends continued their positive trajectory in the quarter with book-to-bill above one, driven by robust bookings in our secular-growth-exposed markets in single-use biopharma components, thermal connectors, and CO2 systems. "Margin improvement was solid during the period due to the positive mix impact from our high margin, high growth platforms, and our rigorous cost containment and productivity actions. We expect these ongoing productivity and cost containment actions will continue to benefit consolidated margins in 2025. "Our strong operational results were complemented by our ongoing portfolio actions. We have completed six acquisitions over the last three years to create a new platform in cryogenic components within our Clean Energy & Fueling segment, and we are very excited about the future value creation through margin expansion and durable, secular end market growth. We recently closed two bolt-on acquisitions within our high-priority Pumps & Process Solutions segment, and our acquisition pipeline remains robust. We ended the year with a significant cash position that provides flexibility as we pursue value-creating capital deployment to further expand our businesses in high growth, high margin priority platforms. "We are optimistic about 2025. Underlying demand trends remain solid across the portfolio, as evidenced by our order momentum, and we have significant runway for continued margin improvement through positive mix benefits and numerous cost and performance levers. We have high confidence in Dover's attractive end market exposures, flexible business model, and proven execution playbook. With this backdrop, we are poised to deliver double-digit EPS growth in 2025 through a combination of accretive top line growth, margin improvement, and value-creating capital allocation." FULL YEAR 2025 GUIDANCE: In 2025, Dover expects to generate GAAP EPS from continuing operations in the range of $8.16 to $8.36 (adjusted EPS from continuing operations of $9.30 to $9.50), based on full year revenue growth of 2% to 4% (organic growth of 3% to 5%). CONFERENCE CALL INFORMATION: Dover will host a webcast and conference call to discuss its fourth quarter and full year 2024 results at 9:00 A.M. Eastern Time (8:00 A.M. Central Time) on Thursday, January 30, 2025. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website. ABOUT DOVER: Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2023, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. INVESTOR SUPPLEMENT - FOURTH QUARTER AND FULL YEAR 2024 DOVER CORPORATION CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)(in thousands, except per share data*) Three Months Ended December 31, Years Ended December 31, 2024 2023 2024 2023 Revenue $ 1,929,866 $ 1,904,812 $ 7,745,909 $ 7,684,476 Cost of goods and services 1,184,142 1,185,909 4,787,288 4,816,932 Gross profit 745,724 718,903 2,958,621 2,867,544 Selling, general and administrative expenses 450,660 413,981 1,752,266 1,648,204 Operating earnings 295,064 304,922 1,206,355 1,219,340 Interest expense 28,304 30,897 131,171 131,304 Interest income (23,145) (4,944) (37,158) (13,496) (Gain) loss on dispositions 115 — (597,798) — Other income, net (13,860) (710) (46,876) (21,468) Earnings before provision for income taxes 303,650 279,679 1,757,016 1,123,000 Provision for income taxes 65,267 21,500 357,048 179,136 Earnings from continuing operations 238,383 258,179 1,399,968 943,864 Earnings from discontinued operations, net 1,197,600 38,083 1,297,158 112,964 Net earnings $ 1,435,983 $ 296,262 $ 2,697,126 $ 1,056,828 Basic earnings per share: Earnings from continuing operations $ 1.74 $ 1.85 $ 10.16 $ 6.75 Earnings from discontinued operations, net $ 8.73 $ 0.27 $ 9.42 $ 0.81 Net earnings $ 10.47 $ 2.12 $ 19.58 $ 7.56 Weighted average shares outstanding 137,205 139,893 137,735 139,848 Diluted earnings per share: Earnings from continuing operations $ 1.72 $ 1.84 $ 10.09 $ 6.71 Earnings from discontinued operations, net $ 8.66 $ 0.27 $ 9.35 $ 0.80 Net earnings $ 10.38 $ 2.11 $ 19.45 $ 7.52 Weighted average shares outstanding 138,298 140,586 138,696 140,599 Dividends paid per common share $ 0.515 $ 0.51 $ 2.05 $ 2.03 * Per share data may be impacted by rounding. DOVER CORPORATION QUARTERLY EARNINGS PER SHARE (unaudited)(in thousands, except per share data*) Earnings Per Share 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 Basic earnings per share: Continuing operations $ 4.33 $ 1.79 $ 2.28 $ 1.74 $ 10.16 $ 1.48 $ 1.55 $ 1.87 $ 1.85 $ 6.75 Discontinued operations $ 0.22 $ 0.26 $ 0.25 $ 8.73 $ 9.42 $ 0.16 $ 0.18 $ 0.20 $ 0.27 $ 0.81 Net earnings $ 4.55 $ 2.05 $ 2.53 $ 10.47 $ 19.58 $ 1.64 $ 1.73 $ 2.07 $ 2.12 $ 7.56 Diluted earnings per share: Continuing operations $ 4.30 $ 1.78 $ 2.26 $ 1.72 $ 10.09 $ 1.47 $ 1.54 $ 1.86 $ 1.84 $ 6.71 Discontinued operations $ 0.22 $ 0.25 $ 0.25 $ 8.66 $ 9.35 $ 0.16 $ 0.18 $ 0.20 $ 0.27 $ 0.80 Net earnings $ 4.52 $ 2.04 $ 2.51 $ 10.38 $ 19.45 $ 1.63 $ 1.72 $ 2.06 $ 2.11 $ 7.52 Net earnings and weighted average shares used in calculated earnings per share amounts are as follows: Continuing operations $ 602,102 $ 246,587 $ 312,896 $ 238,383 $ 1,399,968 $ 206,692 $ 217,010 $ 261,983 $ 258,179 $ 943,864 Discontinued operations 30,119 35,235 34,204 1,197,600 1,297,158 21,882 25,229 27,770 38,083 112,964 Net earnings $ 632,221 $ 281,822 $ 347,100 $ 1,435,983 $ 2,697,126 $ 228,574 $ 242,239 $ 289,753 $ 296,262 $ 1,056,828 Weighted average shares outstanding: Basic 139,051 137,443 137,251 137,205 137,735 139,757 139,862 139,878 139,893 139,848 Diluted 139,869 138,404 138,223 138,298 138,696 140,616 140,578 140,615 140,586 140,599 * Per share data may be impacted by rounding. DOVER CORPORATION QUARTERLY SEGMENT INFORMATION (unaudited)(in thousands) 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 REVENUE Engineered Products $ 332,820 $ 285,297 $ 296,117 $ 288,223 $ 1,202,457 $ 325,955 $ 287,408 $ 309,431 $ 328,131 $ 1,250,925 Clean Energy & Fueling 445,053 463,014 500,685 528,032 1,936,784 430,729 441,166 466,959 449,423 1,788,277 Imaging & Identification 276,806 287,593 283,966 288,800 1,137,165 283,091 271,932 276,179 285,530 1,116,732 Pumps & Process Solutions 465,729 477,239 472,463 479,135 1,894,566 413,881 465,626 431,373 444,811 1,755,691 Climate & Sustainability Technologies 364,292 436,706 431,127 347,524 1,579,649 455,325 449,001 475,911 398,345 1,778,582 Intersegment eliminations (981) (1,067) (816) (1,848) (4,712) (1,552) (1,326) (1,425) (1,428) (5,731) Total consolidated revenue $ 1,883,719 $ 1,948,782 $ 1,983,542 $ 1,929,866 $ 7,745,909 $ 1,907,429 $ 1,913,807 $ 1,958,428 $ 1,904,812 $ 7,684,476 EARNINGS FROM CONTINUING OPERATIONS Segment Earnings: Engineered Products $ 62,532 $ 52,095 $ 56,621 $ 59,989 $ 231,237 $ 54,064 $ 38,872 $ 63,525 $ 67,590 $ 224,051 Clean Energy & Fueling 69,675 87,536 99,536 103,246 359,993 73,605 83,616 92,483 78,900 328,604 Imaging & Identification 69,959 75,786 77,247 78,715 301,707 68,315 61,336 70,316 72,545 272,512 Pumps & Process Solutions 118,737 137,217 138,277 142,375 536,606 115,244 129,337 117,907 121,917 484,405 Climate & Sustainability Technologies 50,759 79,127 76,015 44,974 250,875 73,778 76,074 84,060 71,468 305,380 Total segment earnings 371,662 431,761 447,696 429,299 1,680,418 385,006 389,235 428,291 412,420 1,614,952 Purchase accounting expenses 1 44,187 44,332 48,356 49,366 186,241 40,603 38,644 38,956 40,379 158,582 Restructuring and other costs 2 23,971 11,590 16,581 32,841 84,983 14,053 18,143 11,581 19,150 62,927 Disposition costs 3 — — — — — — — — 1,302 1,302 (Gain) loss on dispositions 4 (529,943) 663 (68,633) 115 (597,798) — — — — — Corporate expense / other 5 42,159 39,526 36,110 38,168 155,963 40,301 34,138 30,937 45,957 151,333 Interest expense 36,365 32,374 34,128 28,304 131,171 34,214 33,803 32,390 30,897 131,304 Interest income (4,756) (4,081) (5,176) (23,145) (37,158) (2,091) (2,653) (3,808) (4,944) (13,496) Earnings before provision for income taxes 759,679 307,357 386,330 303,650 1,757,016 257,926 267,160 318,235 279,679 1,123,000 Provision for income taxes 6 157,577 60,770 73,434 65,267 357,048 51,234 50,150 56,252 21,500 179,136 Earnings from continuing operations $ 602,102 $ 246,587 $ 312,896 $ 238,383 $ 1,399,968 $ 206,692 $ 217,010 $ 261,983 $ 258,179 $ 943,864 SEGMENT EARNINGS MARGIN Engineered Products 18.8 % 18.3 % 19.1 % 20.8 % 19.2 % 16.6 % 13.5 % 20.5 % 20.6 % 17.9 % Clean Energy & Fueling 15.7 % 18.9 % 19.9 % 19.6 % 18.6 % 17.1 % 19.0 % 19.8 % 17.6 % 18.4 % Imaging & Identification 25.3 % 26.4 % 27.2 % 27.3 % 26.5 % 24.1 % 22.6 % 25.5 % 25.4 % 24.4 % Pumps & Process Solutions 25.5 % 28.8 % 29.3 % 29.7 % 28.3 % 27.8 % 27.8 % 27.3 % 27.4 % 27.6 % Climate & Sustainability Technologies 13.9 % 18.1 % 17.6 % 12.9 % 15.9 % 16.2 % 16.9 % 17.7 % 17.9 % 17.2 % Total segment earnings margin 19.7 % 22.2 % 22.6 % 22.2 % 21.7 % 20.2 % 20.3 % 21.9 % 21.7 % 21.0 % 1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment. 4 (Gain) loss on dispositions includes post-closing adjustments related to the disposition of De-Sta-Co in Q1 2024 and the disposition of a minority owned equity method investment in Q3 2024 in the Engineered Products and Climate & Sustainability Technologies segments, respectively. 5 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. 6 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023. DOVER CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)(in thousands) December 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,844,877 $ 398,561 Receivables, net 1,354,225 1,321,107 Inventories, net 1,144,838 1,144,089 Prepaid and other current assets 140,557 139,348 Assets of discontinued operations - current — 194,486 Assets held for sale - current — 192,644 Total current assets 4,484,497 3,390,235 Property, plant and equipment, net 987,924 978,472 Goodwill 4,905,702 4,637,564 Intangible assets, net 1,580,854 1,445,204 Other assets and deferred charges 550,183 555,084 Assets of discontinued operations - non-current — 341,954 Total assets $ 12,509,160 $ 11,348,513 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term borrowings and current portion of long-term debt $ 400,056 $ 468,282 Payables, accrued expenses and other current liabilities 1,796,471 1,727,907 Liabilities of discontinued operations - current — 153,013 Liabilities held for sale - current — 64,568 Total current liabilities 2,196,527 2,413,770 Deferred taxes and other non-current liabilities 829,291 801,321 Long-term debt 2,529,346 2,991,759 Liabilities of discontinued operations - non-current — 35,058 Stockholder's equity: Stockholders' equity 6,953,996 5,106,605 Total liabilities and stockholders' equity $ 12,509,160 $ 11,348,513 DOVER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)(in thousands) Years Ended December 31, 2024 2023 Operating Activities: Net earnings $ 2,697,126 $ 1,056,828 Adjustments to reconcile net earnings to cash provided by operating activities: Earnings from discontinued operations, net (1,297,158) (112,964) Depreciation and amortization 337,842 305,046 Stock-based compensation expense 40,359 30,766 Employee benefit plan (benefit) expense (9,946) 5,679 Gain on dispositions (597,798) — Net change in assets and liabilities (82,592) (65,809) Net cash provided by operating activities 1,087,833 1,219,546 Investing Activities: Additions to property, plant and equipment (167,533) (183,406) Acquisitions, net of cash and cash equivalents acquired (635,269) (533,623) Proceeds from dispositions, net of cash transferred 768,847 — Other, net 6,972 (686) Net cash used in investing activities (26,983) (717,715) Financing Activities: Change in commercial paper and other short-term borrowings, net (467,637) (267,490) Dividends paid to stockholders (283,117) (284,297) Repurchase of common stock, including payment under accelerated share repurchase program (500,000) — Payments to settle employee tax obligations on exercise of share-based awards (16,603) (12,137) Other, net (4,316) (4,132) Net cash used in financing activities (1,271,673) (568,056) Cash Flows from Discontinued Operations: Net cash (used in) provided by operating activities of discontinued operations (339,454) 116,799 Net cash provided by (used in) investing activities of discontinued operations 1,985,641 (8,915) Net cash provided by discontinued operations 1,646,187 107,884 Effect of exchange rate changes on cash and cash equivalents (6,348) (6,666) Net increase in cash and cash equivalents, including cash held for sale 1,429,016 34,993 Cash and cash equivalents at beginning of year, including cash held for sale 415,861 380,868 Cash and cash equivalents at the end of year, including cash held for sale $ 1,844,877 $ 415,861 Years Ended December 31, 2024 2023 Cash and cash equivalents $ 1,844,877 $ 398,561 Cash and cash equivalents held for sale — 17,300 Cash and cash equivalents, including cash held for sale $ 1,844,877 $ 415,861 DOVER CORPORATION QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP) (unaudited)(in thousands, except per share data*) Non-GAAP Reconciliations 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 Adjusted earnings from continuing operations: Earnings from continuing operations $ 602,102 $ 246,587 $ 312,896 $ 238,383 $ 1,399,968 $ 206,692 $ 217,010 $ 261,983 $ 258,179 $ 943,864 Purchase accounting expenses, pre-tax 1 44,187 44,332 48,356 49,366 186,241 40,603 38,644 38,956 40,379 158,582 Purchase accounting expenses, tax impact 2 (9,711) (9,760) (10,633) (10,911) (41,015) (9,140) (8,671) (8,670) (8,847) (35,328) Restructuring and other costs, pre-tax 3 23,971 11,590 16,581 32,841 84,983 14,053 18,143 11,581 19,150 62,927 Restructuring and other costs, tax impact 2 (4,734) (2,479) (3,465) (6,864) (17,542) (2,990) (3,665) (2,401) (3,970) (13,026) Disposition costs, pre-tax 4 — — — — — — — — 1,302 1,302 Disposition costs, tax impact 2 — — — — — — — — (270) (270) (Gain) loss on dispositions, pre-tax 5 (529,943) 663 (68,633) 115 (597,798) — — — — — (Gain) loss on dispositions, tax-impact 2 114,973 (144) 18,889 1,695 135,413 — — — — — Adjusted earnings from continuing operations $ 240,845 $ 290,789 $ 313,991 $ 304,625 $ 1,150,250 $ 249,218 $ 261,461 $ 301,449 $ 305,923 $ 1,118,051 Adjusted diluted earnings per share from continuing operations: Diluted earnings per share from continuing operations $ 4.30 $ 1.78 $ 2.26 $ 1.72 $ 10.09 $ 1.47 $ 1.54 $ 1.86 $ 1.84 $ 6.71 Purchase accounting expenses, pre-tax 1 0.32 0.32 0.35 0.36 1.34 0.29 0.27 0.28 0.29 1.13 Purchase accounting expenses, tax impact 2 (0.07) (0.07) (0.08) (0.08) (0.30) (0.06) (0.06) (0.06) (0.06) (0.25) Restructuring and other costs, pre-tax 3 0.17 0.08 0.12 0.24 0.61 0.10 0.13 0.08 0.14 0.45 Restructuring and other costs, tax impact 2 (0.03) (0.02) (0.03) (0.05) (0.13) (0.02) (0.03) (0.02) (0.03) (0.09) Disposition costs, pre-tax 4 — — — — — — — — 0.01 0.01 Disposition costs, tax impact 2 — — — — — — — — — — (Gain) loss on dispositions, pre-tax 5 (3.79) — (0.50) — (4.31) — — — — — (Gain) loss on dispositions, tax-impact 2 0.82 — 0.14 0.01 0.98 — — — — — Adjusted diluted earnings per share from continuing operations $ 1.72 $ 2.10 $ 2.27 $ 2.20 $ 8.29 $ 1.77 $ 1.86 $ 2.14 $ 2.18 $ 7.95 1 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. The tax impact of the (gain) loss on dispositions in Q4 2024 reflects updated tax information related to a Q3 disposition. 3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 and FY 2024 include $3.4 million and Q3 and FY 2023 include $3.3 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment. 4 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment. 5 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and a $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6 million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment. * Per share data and totals may be impacted by rounding. DOVER CORPORATION QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 ADJUSTED SEGMENT EBITDA Engineered Products: Segment earnings $ 62,532 $ 52,095 $ 56,621 $ 59,989 $ 231,237 $ 54,064 $ 38,872 $ 63,525 $ 67,590 $ 224,051 Other depreciation and amortization 1 4,785 4,778 4,829 4,867 19,259 5,671 5,778 5,736 4,827 22,012 Adjusted segment EBITDA 2 67,317 56,873 61,450 64,856 250,496 59,735 44,650 69,261 72,417 246,063 Adjusted segment EBITDA margin 2 20.2 % 19.9 % 20.8 % 22.5 % 20.8 % 18.3 % 15.5 % 22.4 % 22.1 % 19.7 % Clean Energy & Fueling: Segment earnings $ 69,675 $ 87,536 $ 99,536 $ 103,246 $ 359,993 $ 73,605 $ 83,616 $ 92,483 $ 78,900 $ 328,604 Other depreciation and amortization 1 7,921 7,627 8,310 8,118 31,976 7,046 7,541 7,686 7,844 30,117 Adjusted segment EBITDA 2 77,596 95,163 107,846 111,364 391,969 80,651 91,157 100,169 86,744 358,721 Adjusted segment EBITDA margin 2 17.4 % 20.6 % 21.5 % 21.1 % 20.2 % 18.7 % 20.7 % 21.5 % 19.3 % 20.1 % Imaging & Identification: Segment earnings $ 69,959 $ 75,786 $ 77,247 $ 78,715 $ 301,707 $ 68,315 $ 61,336 $ 70,316 $ 72,545 $ 272,512 Other depreciation and amortization 1 3,733 3,271 3,905 3,739 14,648 3,394 3,745 3,972 4,182 15,293 Adjusted segment EBITDA 2 73,692 79,057 81,152 82,454 316,355 71,709 65,081 74,288 76,727 287,805 Adjusted segment EBITDA margin 2 26.6 % 27.5 % 28.6 % 28.6 % 27.8 % 25.3 % 23.9 % 26.9 % 26.9 % 25.8 % Pumps & Process Solutions: Segment earnings $ 118,737 $ 137,217 $ 138,277 $ 142,375 $ 536,606 $ 115,244 $ 129,337 $ 117,907 $ 121,917 $ 484,405 Other depreciation and amortization 1 12,139 12,637 12,651 12,623 50,050 10,939 11,609 12,052 11,744 46,344 Adjusted segment EBITDA 2 130,876 149,854 150,928 154,998 586,656 126,183 140,946 129,959 133,661 530,749 Adjusted segment EBITDA margin 2 28.1 % 31.4 % 31.9 % 32.3 % 31.0 % 30.5 % 30.3 % 30.1 % 30.0 % 30.2 % Climate & Sustainability Technologies: Segment earnings $ 50,759 $ 79,127 $ 76,015 $ 44,974 $ 250,875 $ 73,778 $ 76,074 $ 84,060 $ 71,468 $ 305,380 Other depreciation and amortization 1 7,275 7,220 7,048 7,596 29,139 6,624 6,895 6,954 7,084 27,557 Adjusted segment EBITDA 2 58,034 86,347 83,063 52,570 280,014 80,402 82,969 91,014 78,552 332,937 Adjusted segment EBITDA margin 2 15.9 % 19.8 % 19.3 % 15.1 % 17.7 % 17.7 % 18.5 % 19.1 % 19.7 % 18.7 % Total Segments: Total segment earnings 2, 3 $ 371,662 $ 431,761 $ 447,696 $ 429,299 $ 1,680,418 $ 385,006 $ 389,235 $ 428,291 $ 412,420 $ 1,614,952 Other depreciation and amortization 1 35,853 35,533 36,743 36,943 145,072 33,674 35,568 36,400 35,681 141,323 Total Adjusted segment EBITDA 2 407,515 467,294 484,439 466,242 1,825,490 418,680 424,803 464,691 448,101 1,756,275 Total Adjusted segment EBITDA margin 2 21.6 % 24.0 % 24.4 % 24.2 % 23.6 % 21.9 % 22.2 % 23.7 % 23.5 % 22.9 % 1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. 2 Refer to Non-GAAP Disclosures section for definition. 3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. DOVER CORPORATION QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP) (unaudited)(in thousands) Non-GAAP Reconciliations 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 Earnings from continuing operations $ 602,102 $ 246,587 $ 312,896 $ 238,383 $ 1,399,968 $ 206,692 $ 217,010 $ 261,983 $ 258,179 $ 943,864 Provision for income taxes 1 157,577 60,770 73,434 65,267 357,048 51,234 50,150 56,252 21,500 179,136 Earnings before provision for income taxes 759,679 307,357 386,330 303,650 1,757,016 257,926 267,160 318,235 279,679 1,123,000 Interest income (4,756) (4,081) (5,176) (23,145) (37,158) (2,091) (2,653) (3,808) (4,944) (13,496) Interest expense 36,365 32,374 34,128 28,304 131,171 34,214 33,803 32,390 30,897 131,304 Corporate expense / other 2 42,159 39,526 36,110 38,168 155,963 40,301 34,138 30,937 45,957 151,333 Disposition costs 3 — — — — — — — — 1,302 1,302 (Gain) loss on dispositions 4 (529,943) 663 (68,633) 115 (597,798) — — — — — Restructuring and other costs 5 23,971 11,590 16,581 32,841 84,983 14,053 18,143 11,581 19,150 62,927 Purchase accounting expenses 6 44,187 44,332 48,356 49,366 186,241 40,603 38,644 38,956 40,379 158,582 Total segment earnings 7 371,662 431,761 447,696 429,299 1,680,418 385,006 389,235 428,291 412,420 1,614,952 Add: Other depreciation and amortization 8 35,853 35,533 36,743 36,943 145,072 33,674 35,568 36,400 35,681 141,323 Total adjusted segment EBITDA 7 $ 407,515 $ 467,294 $ 484,439 $ 466,242 $ 1,825,490 $ 418,680 $ 424,803 $ 464,691 $ 448,101 $ 1,756,275 1 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023. 2 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters. 3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment. 4 (Gain) loss on dispositions represents a $529.9 million gain recorded during Q1 2024 and $0.7 million loss and $1.1 million gain recorded as post-closing adjustments in Q2 2024 and Q4 2024, respectively, on the disposition of De-Sta-Co in the Engineered Products segment. Additionally, a gain of $68.6 million was recorded in Q3 2024 and a $1.2 million post-closing adjustment (reduction to the gain) in Q4 2024 on the disposition of a minority owned equity method investment in the Climate & Sustainability Technologies segment. 5 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. 6 Purchase accounting expenses are primarily comprised of amortization of intangible assets. 7 Refer to Non-GAAP Disclosures section for definition. 8 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. DOVER CORPORATION REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP) (unaudited)(in thousands, except per share data*) Non-GAAP Reconciliations Revenue Growth Factors 2024 Q1 Q2 Q3 Q4 Q4 YTD Organic Engineered Products 2.1 % 18.3 % 12.1 % 1.6 % 8.2 % Clean Energy & Fueling 1.4 % 2.3 % (1.2) % 7.9 % 2.6 % Imaging & Identification (1.6) % 6.9 % 3.3 % 1.3 % 2.4 % Pumps & Process Solutions 4.5 % (3.1) % 1.9 % 2.9 % 1.4 % Climate & Sustainability Technologies (20.3) % (2.3) % (9.4) % (12.8) % (11.2) % Total Organic (3.4) % 3.0 % 0.3 % 0.3 % — % Acquisitions 2.2 % 2.3 % 3.8 % 3.8 % 3.0 % Dispositions — % (2.8) % (2.7) % (2.5) % (2.0) % Currency translation — % (0.7) % (0.1) % (0.3) % (0.2) % Total* (1.2) % 1.8 % 1.3 % 1.3 % 0.8 % * Totals may be impacted by rounding. 2024 Q1 Q2 Q3 Q4 Q4 YTD Organic United States (2.3) % 9.1 % 8.4 % — % 3.8 % Other Americas (6.1) % 18.2 % 1.7 % 9.7 % 5.6 % Europe (0.5) % (3.8) % (4.6) % (3.6) % (3.1) % Asia (4.8) % (8.6) % (9.5) % (5.4) % (7.1) % Other (21.6) % (28.0) % (33.4) % 31.1 % (17.4) % Total Organic (3.4) % 3.0 % 0.3 % 0.3 % — % Acquisitions 2.2 % 2.3 % 3.8 % 3.8 % 3.0 % Dispositions — % (2.8) % (2.7) % (2.5) % (2.0) % Currency translation — % (0.7) % (0.1) % (0.3) % (0.2) % Total* (1.2) % 1.8 % 1.3 % 1.3 % 0.8 % * Totals may be impacted by rounding. Adjusted EPS Guidance Reconciliation* 2024 Actual 2025 Guidance Earnings per Share from Continuing Operations (GAAP) $ 10.09 $8.16 - $8.36 Acquisition-related amortization, net 1.04 1.07 Restructuring and other costs, net 0.48 0.07 Gain on dispositions, net (3.33) — Adjusted Earnings per Share from Continuing Operations (Non-GAAP) $ 8.29 $9.30 - $9.50 * Per share data and totals may be impacted by rounding. DOVER CORPORATION PERFORMANCE MEASURES (unaudited)(in thousands) 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 BOOKINGS Engineered Products $ 329,925 $ 280,542 $ 284,823 $ 276,487 $ 1,171,777 $ 329,005 $ 297,662 $ 330,566 $ 312,416 $ 1,269,649 Clean Energy & Fueling 471,610 442,086 507,329 517,470 1,938,495 454,526 440,137 449,663 401,195 1,745,521 Imaging & Identification 278,433 288,641 281,289 295,784 1,144,147 290,712 262,092 271,113 297,312 1,121,229 Pumps & Process Solutions 473,632 461,426 448,074 473,548 1,856,680 464,297 394,317 363,111 455,390 1,677,115 Climate & Sustainability Technologies 453,086 406,269 332,503 378,774 1,570,632 371,643 310,911 340,474 325,625 1,348,653 Intersegment eliminations (791) (1,591) (1,065) (2,578) (6,025) (1,530) (1,913) (848) (2,100) (6,391) Total consolidated bookings $ 2,005,895 $ 1,877,373 $ 1,852,953 $ 1,939,485 $ 7,675,706 $ 1,908,653 $ 1,703,206 $ 1,754,079 $ 1,789,838 $ 7,155,776 2024 Q1 Q2 Q3 Q4 Q4 YTD BOOKINGS GROWTH FACTORS Organic Engineered Products 0.2 % 11.4 % — % 3.2 % 3.5 % Clean Energy & Fueling 1.6 % (1.6) % 7.0 % 17.4 % 5.8 % Imaging & Identification (3.4) % 11.1 % 4.3 % (0.6) % 2.6 % Pumps & Process Solutions (4.6) % 10.5 % 15.1 % (2.6) % 3.7 % Climate & Sustainability Technologies 22.3 % 31.6 % (2.1) % 15.8 % 16.7 % Total Organic 3.2 % 11.5 % 5.1 % 6.5 % 6.5 % Acquisitions 2.1 % 2.4 % 3.5 % 4.7 % 3.2 % Dispositions — % (3.0) % (2.9) % (2.7) % (2.1) % Currency translation (0.2) % (0.7) % (0.1) % (0.1) % (0.3) % Total* 5.1 % 10.2 % 5.6 % 8.4 % 7.3 % * Totals may be impacted by rounding. ADDITIONAL INFORMATIONFOURTH QUARTER AND FULL YEAR 2024(unaudited)(amounts in thousands except share data and where otherwise indicated) The discussion throughout this Investor Supplement, unless otherwise noted, relates solely to our continuing operations. Acquisitions During the fourth quarter of 2024, the Company completed the acquisition of certain assets from Carter Day International, Inc.'s petrochemical division, within the Pumps & Process Solutions segment for $34.0 million, inclusive of contingent consideration. For the full year 2024, the Company acquired eight businesses in separate transactions for total consideration of $674.0 million, net of cash acquired and inclusive of measurement period adjustments and contingent consideration of $38.7 million. These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling, Engineered Products, Imaging & Identification and Pumps & Process Solutions segments. The purchase price allocations for these acquisitions are preliminary and subject to change during the measurement period. Dispositions During the fourth quarter of 2024, the Company completed the sale of the Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, for a total consideration, net of cash transferred, of $2.0 billion. The disposal represented a strategic shift with a major effect on the Company's operations and qualified for discontinued operations presentation. This sale resulted in a preliminary pre-tax gain on disposition of $1.6 billion ($1.2 billion after-tax), included within earnings from discontinued operations, net in the consolidated statements of earnings for the year ended December 31, 2024. The preliminary total consideration and preliminary pre-tax gain on disposition are subject to standard working capital adjustments. For the full year 2024, the Company completed two additional sales. On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $675.9 million. This sale resulted in a pre-tax gain on disposition of $530.3 million ($415.4 million after-tax) included within the consolidated statements of earnings for the year ended December 31, 2024. On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $93.0 million. The sale resulted in a preliminary pre-tax gain of $67.4 million, ($47.0 million after-tax), subject to customary post-closing adjustments and included within the consolidated statements of earnings for the year ended December 31, 2024. Restructuring and Other Costs During the fourth quarter and year ended December 31, 2024, restructuring and other costs included restructuring charges of $28.2 million and $69.8 million, respectively, and other costs of $4.7 million and $15.2 million, respectively. The restructuring expenses incurred during the year ended December 31, 2024 were primarily related to headcount reductions and product line and other exit costs in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and were undertaken in light of current market conditions. Other costs were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively. ($ in millions) 2024 2023 Q4 FY Q4 FY Engineered Products $ 4.9 $ 7.9 $ 3.5 $ 9.0 Clean Energy & Fueling 16.4 33.6 5.6 24.7 Imaging & Identification 7.4 14.9 4.8 7.1 Pumps & Process Solutions 1.0 5.0 1.5 7.9 Climate & Sustainability Technologies 1.6 20.1 2.1 9.3 Corporate 1.5 3.6 1.6 4.9 Total* $ 32.8 $ 85.0 $ 19.2 $ 62.9 * Totals may be impacted by rounding. Tax Rate The effective tax rate was 21.5% and 7.7% for the fourth quarters of 2024 and 2023, respectively. On a full year basis, the effective tax rate for 2024 and 2023 was 20.3% and 16.0%, respectively. The 2024 tax rate was primarily driven by gains on dispositions. The 2023 tax rate was primarily driven by the release of a net valuation allowance against non-U.S. tax loss carryforwards mainly related to an internal reorganization, partially offset by an accrual of withholding taxes on current and future repatriation of certain foreign earnings. Accelerated Share Repurchase During the year ended December 31, 2024, the Company received a total of 2,869,282 shares upon completion of the accelerated repurchase program (the "ASR Program") for $500 million. The total number of shares ultimately repurchased under the ASR Program was based on the volume-weighted average share price of Dover's common stock during the calculation period, less a discount, which was $174.26 over the term of the ASR Program. During the year ended December 31, 2024, exclusive of any ASR Program, there were no share repurchases. Capitalization The following table provides a calculation of net debt to net capitalization from the most directly comparable GAAP measures: Net Debt to Net Capitalization Ratio (Non-GAAP) December 31, 2024 December 31, 2023 Commercial paper $ — $ 467,600 Current portion of long-term debt and other 400,056 682 Total Short-term borrowings and current portion of long-term debt $ 400,056 $ 468,282 Long-term debt 2,529,346 2,991,759 Total debt 2,929,402 3,460,041 Less: Cash and cash equivalents, including cash held for sale (1,844,877) (415,861) Net debt 1,084,525 3,044,180 Add: Stockholders' equity 6,953,996 5,106,605 Net capitalization $ 8,038,521 $ 8,150,785 Net debt to net capitalization 13.5 % 37.3 % Quarterly Cash Flow 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 Net Cash Flows Provided By (Used In): Operating activities $ 146,456 $ 149,181 $ 353,244 $ 438,952 $ 1,087,833 $ 220,240 $ 168,947 $ 331,795 $ 498,564 $ 1,219,546 Investing activities 432,416 33,215 (402,512) (90,102) (26,983) (41,952) (40,591) (48,529) (586,643) (717,715) Financing activities (80,782) (830,657) 92,994 (453,228) (1,271,673) (306,565) (137,924) (312,716) 189,149 (568,056) Quarterly Free Cash Flow (Non-GAAP) 2024 2023 Q1 Q2 Q3 Q4 FY 2024 Q1 Q2 Q3 Q4 FY 2023 Cash flow from operating activities 1 $ 146,456 $ 149,181 $ 353,244 $ 438,952 $ 1,087,833 $ 220,240 $ 168,947 $ 331,795 $ 498,564 $ 1,219,546 Less: Capital expenditures (40,050) (35,822) (37,754) (53,907) (167,533) (46,771) (38,183) (41,177) (57,275) (183,406) Free cash flow $ 106,406 $ 113,359 $ 315,490 $ 385,045 $ 920,300 $ 173,469 $ 130,764 $ 290,618 $ 441,289 $ 1,036,140 Cash flow from operating activities as a percentage of revenue 7.8 % 7.7 % 17.8 % 22.7 % 14.0 % 11.5 % 8.8 % 16.9 % 26.2 % 15.9 % Cash flow from operating activities as a percentage of adjusted earnings from continuing operations 60.8 % 51.3 % 112.5 % 144.1 % 94.6 % 88.4 % 64.6 % 110.1 % 163.0 % 109.1 % Free cash flow as a percentage of revenue 5.6 % 5.8 % 15.9 % 20.0 % 11.9 % 9.1 % 6.8 % 14.8 % 23.2 % 13.5 % Free cash flow as a percentage of adjusted earnings from continuing operations 44.2 % 39.0 % 100.5 % 126.4 % 80.0 % 69.6 % 50.0 % 96.4 % 144.2 % 92.7 % 1 Q2, Q3, Q4 and FY 2024 include income tax payments of $56.0 million, $24.0 million, $23.4 million and $103.4 million, respectively, related to the gain on the disposition of De-Sta-Co. Q4 and FY 2024 also include income tax payments of $20.4 million related to the sale of a minority owned equity method investment. Non-GAAP Measures Definitions In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, net debt, net capitalization, net debt to net capitalization ratio, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies. The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations. Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, disposition costs and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period. Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings from continuing operations per share adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, disposition costs and gain/loss on disposition. Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, disposition costs, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue. Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue. Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers. Net debt represents total debt minus cash and cash equivalents, including cash held for sale. Net capitalization represents net debt plus stockholders' equity. Net debt to net capitalization ratio is net debt divided by net capitalization. Net debt to net capitalization is helpful in evaluating our capital structure and the amount of leverage we employ. Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock. Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material. Performance Measures Definitions Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends. Organic bookings represent bookings excluding the impact of foreign currency exchange rates and the impact of acquisitions and dispositions. This metric is an important measure of performance and an indicator of revenue order trends. We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments. Investor Contact: Media Contact: Jack Dickens Adrian Sakowicz Vice President - Investor Relations Vice President - Communications (630) 743-2566 (630) 743-5039 [email protected] [email protected] SOURCE Dover WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Dover Reports Fourth Quarter and Full Year 2024 Results

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